Southern National Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1897 |
| Founder | Angus MacLean, Thomas A. McNeill |
| Defunct | 1995 |
| Fate | Merged with BB&T |
| Headquarters | Winston-Salem, North Carolina , United States |
Area served | North Carolina, South Carolina |
Key people | Hector MacLean (former president), Glenn Orr (former CEO) |
| Products | Banking services |
Southern National Bank began as a bank with its original headquarters in Lumberton, North Carolina, later relocating to Winston-Salem, North Carolina. In 1995, it merged with BB&T.
History
The Bank of Lumberton was established in 1897 by former North Carolina governor Angus MacLean alongside Judge Thomas A. McNeill, starting with a capital of $15,000. Hector MacLean, son of Angus, assumed the presidency in 1955, and by 1959, the institution was rebranded from The National Bank of Lumberton to Southern National.
In 1979, Southern National incorporated Carolina State Bank of Gastonia, which had been founded in 1971.
By 1982, Southern National had acquired Forsyth Bank & Trust located in Winston-Salem, under the leadership of Glenn Orr.
After acquiring a former Northwestern Bank branch in Hickory, Southern National's assets reached $1.5 billion by 1985, operating 99 branches across 26 counties.
Southern National expanded into South Carolina in 1986 by acquiring Horry County National Bank of Loris for $10 million. This was followed by purchases of First Palmetto Bancshares Corp. in Columbia for $5.6 million and Capital Bank and Trust Co. in Belton for $9.75 million. At this stage, it was ranked as North Carolina's seventh-largest banking firm.
That same year, Southern National sold its mortgage subsidiary, Southern National Mortgage Co., to NCNB for about $7 million to support its expansion efforts in South Carolina.
In May 1989, Southern National sought to acquire Allied Bankshares Inc. from Thomson, Georgia for $59 million; however, the transaction did not materialize. A subsequent attempt in 1990 to purchase NBSC's assets totaling $540 million and its 53 branches in South Carolina was also abandoned due to resistance from shareholders. By this time, Southern National had grown to $3.4 billion in assets and ranked as the fifth-largest bank holding company in North Carolina.
Following Hector MacLean's retirement in 1990, Glenn Orr took over as CEO. To better attract executive talent amid the challenges posed by Lumberton’s small population (19,000), the bank explored relocating its operations and eventually shifted toward Winston-Salem.
That year also saw Southern National acquire two savings and loan associations with combined assets of $223 million: Western Carolina Savings and Loan Association (Valdese) and Mutual Federal Savings and Loan Association (Elkin).
In 1991, the bank absorbed failed savings institutions Preferred Savings Bank (High Point) and Southeastern Savings Bank (Charlotte), while also acquiring Workmen's Federal Savings Bank of Mount Airy with $260 million in assets—marking its largest acquisition up to that point.
Southern National expanded further in 1992 by purchasing $60 million in loans and $50 million in deposits from First Security Savings Bank of Pinehurst for $3 million through a Resolution Trust Corporation deal, elevating it to the third-largest bank by deposits within Moore County.
By early 1993, Southern National had completed its acquisition of First Federal Savings Bank in Winston-Salem, positioning it second only to Wachovia regarding deposits in Forsyth County. With total assets reaching $4.5 billion—$3.9 billion held within North Carolina—it became the state's sixth-largest banking institution. The move toward Winston-Salem included relocating into the newly available One Triad Park building (renamed Southern National Financial Center), providing immediate room for expansion.
Also during 1993, Southern National purchased East Coast Federal Savings Bank of Goldsboro with assets totaling $256 million, becoming the leading deposit holder in Fayetteville’s market—the fifth largest statewide. That year also included the acquisition of First Savings Bank, FSB from Greenville, South Carolina, which held over $2 billion in assets and ranked third largest within that state.
On August 1, 1994, BB&T and Southern National announced what they described as a "merger of equals." The combined organization retained the BB&T name with assets totaling $19 billion—featuring the largest deposit base and branch network within North Carolina. Executives Glenn Orr and BB&T chairman John Allison emphasized that the merger would help guard against acquisitions by out-of-state banks. Orr retired following the merger. The headquarters was designated as BB&T Financial Center.
On May 19, 1997, Southern National Corp. officially changed its name to BB&T Corp., updating its stock ticker from SN to BBT.